Ontario Award Program Raises the Bar on Charity Accountability

TORONTO, ONTARIO--(Marketwire - May 31, 2012) - The award program that helps charities improve the way they report what they do and how they do it is starting its fifth year. The Voluntary Sector Reporting Awards (VSRAs), which recognizes Ontario's best charity annual reports, open nominations July 9.

Created by the CA-Queen's Centre for Governance at Queen's University in partnership with the Institute of Chartered Accountants of Ontario and sponsored by PwC, the VRSAs provide charities in Ontario and across Canada with free information and educational materials to improve their public accountability.

"The public is demanding more accountability from charities. Over the last five years, the Voluntary Sector Reporting Awards have significantly raised the bar on charity reporting. We've reached hundreds of charities across Canada with our message about the importance of annual reporting. We're pleased to see that charities have been listening," said Steve Salterio, Director of the CA-Queen's Centre for Governance.

The awards are open to registered charities that produce annual reports in Ontario. Organizations in Ontario compete in three categories based on revenue size - up to $1 million, from $1 million to $10 million, and more than $10 million - as well as a separate category for national and international not-for-profits with head offices in Ontario.

The winners in each category will receive $5,000. Charities that are organizations whose principal activities are run by or for municipalities, universities, hospitals or school boards are not eligible. Awards will be given to those reports demonstrating the highest levels of accountability and transparency, while displaying highly effective communication with beneficiaries, donors and other stakeholders.

"The Voluntary Sector Reporting Awards are making a difference in the charity sector. The VSRAs have helped foster a new understanding about the importance of financial reporting. Charities, their board of directors, donors and the public are all better served as a result. We're pleased Ontario's Chartered Accountants are helping lead the way with this initiative," said Brian Leader, the Institute's Vice-President of Learning.

Nominations are being accepted for the awards at the CA-Queen's Centre for Governance website - www.annualreportaward.ca. More information is also available from the ICAO website - www.icao.on.ca. Nominations open July 9 and close on or before September 7. The winners will be announced in February 2013 at an event in Toronto.

About the CA-Queen's Centre for Governance at Queen's School of Business

CA-Queen's Centre for Governance (www.business.queensu.ca/centres/CA-QCG/) goal is to raise the bar on Canadian governance research with respect to transparency and financial accountability and convey that research's implications to academics, students and the public at large. Situated at Queen's School of Business www.business.queensu.ca one of the world's premier business schools, the Centre conducts cutting edge basic and applied research on governance dealing with such issues as fraud prevention and detection and improving the quality of Canadian securities' regulation.

About the Institute of Chartered Accountants of Ontario:

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario's 35,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession's internationally recognized standards of qualification and the enforcement of its rules of professional conduct. Chartered Accountants are the professionals Canada's business leaders trust to help make the financial, strategic and leadership decisions that matter. The Institute's website is: www.icao.on.ca and the student website is www.guidetorulingtheworld.ca.